Bob Iger, who is serving two terms as CEO of The Walt Disney Company, is selling $42.7 million worth of stock.
The move, disclosed in a Securities and Exchange Commission filing, is a follow-up to the plan the company filed earlier this month for Iger to exercise an option to sell the stock.
Iger is selling 372,412 shares, the maximum allowed under an option plan approved earlier this year, the latest filing said. The plan was scheduled to expire in December.
Disney shares have seen volatility this year as the company has fought a proxy battle from several activists and faces ongoing challenges to many of its businesses. The stock closed Friday at $115.65, up about 1% on the day and within sight of its 52-week high of $123.74. Shares have risen in recent weeks as the company issued upbeat guidance for fiscal 2025 and posted increased profits at its streaming unit. The long-time money-losing division is expected to post $1 billion in profits next year. A recent hot streak for the movie studio, which has had its highest grossing run of the year so far Deadpool Wolverine and Inside out 2also helped restore investor enthusiasm for the stock.
Iger exited as CEO in February 2020, but returned to the company less than three years later after his hand-picked successor, Bob Chapek, was fired by the company's board. Iger's current contract runs through the end of 2026, but the company recently said it intends to name his successor by the first part of 2026. In addition to four internal nominees, the Disney board's succession committee is considering outside hires.
